Porn, pot and payday lenders unwelcome in banks

(CNBC)- For most individuals and small business owners, having a relationship with a bank or credit union is as essential as basic utilities. You could no more open a restaurant without access to the payments system than you could without access to running water. Recently, though, there have been increasing reports of people learning that their accounts have been closed, or finding it difficult or impossible to open an account in the first place, because of the industry they work in, or who they are related to.

The banks’ moves appear to be linked to a government program, “Operation Choke Point,” meant to address fraud in the payments system by “choking off” access to businesses deemed to present a high risk of illegal activity. The problem is that the majority of the businesses that are being targets, while perhaps unsavory in the eyes of the government, aren’t illegal.